SelectCore acquires Conquest
SelectCore, a prepaid service provider and transaction processor for the under-banked, has acquired the assets of Canadian Payment Processor, Conquest Financial Services. The acquisition cost $4,760,000 and will add over 2,200 POS terminals to SelectCore’s retail network across Canada. The deal is expected to raise an extra $1.2 million of annual profit for the company. As part of the agreement, SelectCore will issue 16,413,793 shares to the seller and another 1,034,482 shares will be paid quarterly over the next 40 months, but will be cancelled if the business fails to meet certain performance metrics. Conquest will also receive an earn-out of up to five million shares of the company’s capital if it completes the development of a key product offering in the next 5 months.
SelectCore is striving to launch what it claims to be an industry first, debit/credit payment processing solution for the independent convenience store channel. The deal is also aimed at smoothing the company’s entrance into the mobile payment and NFC space. SelectCore CEO Keith McKenzie remarks that “this acquisition is a key step in the advancement of the Company’s business plan to develop new, high-margin payment technologies and financial services while providing a unified solution to our retail partners.”
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